COMMISSIONER OF INCOME TAX Vs. SHRIKISHAN CHANDMAL

JUDGEMENT

(1.) UNDER S. 66(1) of the IT Act, 1922, the Tribunal, Bombay, has, at the instance of the CIT, referred to this Court for its opinion the following question of law for the asst. year 1956 -57 :

(2.) THE material facts as appearing from the case stated by the Tribunal are these. The relevant assessment year are 1955 -56 and 1956 -57, the corresponding account years being 7th Nov., 1953 to 26th Oct., 1954 and 27th Oct., 1954 to 14th Nov., 1955. The assessee is an HUF deriving income from several sources falling under the following three heads :

(3.) THE provisions of the Act, which have a material bearing on the questions, are contained in sub - s. (1A) of S. 12, which was introduced by S. 9 of the Finance Act, 1955, and certain provisions of sub -s. (2) of S. 24 of the Act as in force at the material time after being amended by S. 16 of the Finance Act, 1955. Sec. 12(1A) and the relevant parts of S. 24(2) are reproduced :